Against the Dollar, a subsequent decline for Euro was seen for fifth week. This decline came accompanied by concerns of strong pressure on the European authorities to predict how they would provide emergency aid to the struggling Greek government. This dip is also feared following the wait by the investors for the outcome of a Feb. 15-16 meeting of Finance Minister expected to provide details of Greece Bailout.

Ron Leven, currency strategist at Morgan Stanley in New York said, “It’s a very volatile process. No matter how this gets worked out, you will see more fiscal tightening, economic weakness and a European Central Bank that will be delayed in hiking rates. We are bearish on the euro”.

For fifth weekly decline, the longest in the year, the euro dipped from $1.3678 on Feb. 5 to 0.3% to $1.3632 last week. Lowest since May 20, the 16-nation shared currency reached $1.3532 yesterday. The Euro increased against the yen, 0.4 percent to 122.62, putting an end to its four-week losing stream. From 89.25 last week, the dollar rise was 0.8% to 89.96 yen. So, the euro dipped 4.8% against the dollar and 7.9% against the yen this year.

Blaming the delayed support on the EU bodies Greek Prime Minister George Papandreou said on national television, “My country had become a guinea pig in a battle between Europe and the international markets. There was a lack of co-ordination among the various bodies of the EU. The Commission, the member states, the ECB, and even differences of opinion within these bodies”.